Oaktree Specialty Lending Corporation

OCSL

Financial - Credit Services · Financial Services

Price

$12.15

-0.28 (-2.25%)

Market Cap

$1.07B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+59.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 54.0M (2021) → 86.1M (2025)

Oaktree Specialty Lending Corporation is a business development company specializing in investments in middle market, bridge financing, first and second lien debt financing, unsecured and mezzanine loan, mezzanine debt, senior and junior secured debt, expansions, sponsor-led acquisitions, preferred equity and management buyouts in small and mid-sized companies. It seeks to invest in education services, business services, retail and consumer, healthcare, manufacturing, food and restaurants, const

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+573.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+50.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$51M cash & investments

$51M cash & investments at current burn rate

Revenue accelerating

Oaktree Specialty Lending Corporation grew revenue 573% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

86.3%

Premium pricing power — 86.3% gross margin

Operating Margin

12.4%

Healthy — 12.4% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-10.1%

Shrinking sales (-10.1% YoY)

EPS YoY

-86.1%

Earnings shrinking (-86.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

424%

Turns 424% of profit into real cash

FCF Margin

16.8%

Converts sales into free cash efficiently (16.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.07

Elevated debt (1.07)

Interest Cover

0.55x

Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

135.0x

Expensive — P/E 135.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+126.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (135.0 → 8.2)

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Dividends

Dividend Yield

12.62%

Healthy income — 12.62% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-22.6%

Dividend cut (-22.6% YoY) — warning sign

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